OMNOVA HOURLY PENSION PLAN Sample Clauses

OMNOVA HOURLY PENSION PLAN. (a) Omnova shall implement, as of the Closing Time, the Omnova Hourly Pension Plan, a qualified defined benefit plan substantially similar to the GenCorp Hourly Pension Plan for the benefit of Omnova Hourly Employees. Omnova Hourly Employees who participate in the GenCorp Hourly Pension Plan immediately before the Closing Time shall be eligible for immediate participation in the Omnova Hourly Pension Plan as of the Closing Time. Omnova Hourly Employees shall be credited under the Omnova Hourly Pension Plan, for eligibility and vesting purposes, with the service credited to them under the GenCorp Hourly Pension Plan. An Omnova Hourly Employee shall be credited under the Omnova Hourly Pension Plan, for benefit accrual purposes, with the service credited to him or her under the GenCorp Hourly Pension Plan only if a transfer described in subsection (b) of this Section is made with respect to such Omnova Hourly Employee. On and after the Distribution Date, the GenCorp Hourly Pension Plan shall retain all liabilities and obligations for benefits attributable to employees of Omnova who terminated employment with Omnova prior to the Distribution Date. (b) As soon as practicable after the Distribution Date, GenCorp shall cause the GenCorp Pension Plan Trustee to segregate within the GenCorp Pension Plan Trust the Segregated Hourly Pension Assets (as defined in the following sentence) determined to be allocable with respect to accrued benefits of Omnova Hourly Employees as of the Closing Time. For purposes of the preceding sentence, the Segregated Hourly Pension Assets allocable as of the Closing Time with respect to accrued benefits of Omnova Hourly Employees shall mean assets with a value equal to the present value as of the Closing Time of the benefits of the Omnova Hourly Employees under the GenCorp Hourly Pension Plan, determined by the plan's actuary using interest assumptions prescribed by the PBGC for valuing annuities in plan termination situations, and allocated in proportion to the allocation of liabilities in accordance with ERISA section 4044. (c) As soon as practicable after the Distribution Date, GenCorp and Omnova shall make or cause to be made all required filings and submissions to appropriate governmental and regulatory authorities and all necessary or appropriate amendments to the GenCorp Hourly Pension Plan and the Omnova Hourly Pension Plan, and shall take all other steps necessary and appropriate, to permit the transfer of the Segregated Hourl...
Sample 1
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OMNOVA HOURLY PENSION PLAN. (a) OMNOVA shall implement, before the Closing Time, the OMNOVA Hourly Pension Plan, a qualified defined benefit plan substantially similar to the GenCorp Hourly Pension Plan for the benefit of OMNOVA Hourly Pension Plan Participants. OMNOVA Hourly Employees who participate in the GenCorp Hourly Pension Plan immediately before the Closing Time shall be eligible for immediate participation in the OMNOVA Hourly Pension Plan as of the Closing Time. OMNOVA Hourly Employees shall be credited under the OMNOVA Hourly Pension Plan, for eligibility and vesting purposes, with the service credited to them under the GenCorp Hourly Pension Plan. An OMNOVA Hourly Employee shall be credited under the OMNOVA Hourly Pension Plan, for benefit accrual purposes, with the service credited to him or her under the GenCorp Hourly Pension Plan only if a transfer described in subsection (b) of this Section is made with respect to such OMNOVA Hourly Employee.
Sample 1

Related to OMNOVA HOURLY PENSION PLAN

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • No Pension Plans Neither the Company nor any current or past ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plans subject to Title IV of ERISA or Section 412 of the Code.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Municipal Pension Plan (a) An employer will provide the Municipal Pension Plan (MPP) to all eligible employees. (b) Employees of record on March 31, 2010, who meet the eligibility requirements of the MPP, have the option of joining or not joining the MPP. Eligible employees who initially elect not to join the MPP on April 1, 2010, have the right to join the MPP at any later date but will not be able to contribute or purchase service for the period waived. (c) All regular full-time employees hired after March 31, 2010, will be enrolled in the MPP upon completion of the earlier of their probationary period or three months and will continue in the plan as a condition of employment. Full-time hours of work are defined in the local issues agreement specific to each employer. Regular part-time employees and casual employees hired after April 1, 2010, who meet the eligibility requirements of the MPP have the right to enrol or not enrol in the MPP. Those who initially decline participation have the right to join the MPP at any later date. The MPP rules currently provide that a person who has completed two years of continuous employment with earnings from an employer of not less than 35% of the year's maximum pensionable earnings in each of two consecutive calendar years will be enrolled in the Plan. This rule will not apply when an eligible employee gives a written waiver to the Employer. (d) Employers will ensure that all new employees are informed of the options available to them under the MPP rules. (e) Eligibility and terms and conditions for the pension will be those contained in the Municipal Pension Plan and associated documents. (f) If there is a conflict between the terms of this agreement and the MPP rules, the MPP must prevail. Note: MPP contact information: Web: http:\\xxx.xxxxxxxxxx.xx Email: xxx@xxxxxxxxxx.xx Victoria Phone: 0-000-000-0000 BC Phone: 0-000-000-0000

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

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